十余天终止6个疫苗研发项目，成大生物“存粮过冬”

Core Viewpoint - Chengda Biological has terminated six vaccine research and development projects since early December, including five under the "Human Vaccine R&D Project" and one under the "Biotechnology Product R&D Production Base Project" due to market dynamics and technical feasibility assessments [1][2]. Group 1: Project Termination - The company announced the termination of the "b-type influenza Haemophilus influenzae type b conjugate vaccine" development project and five other sub-projects, including the pentavalent rotavirus vaccine, due to a lack of commercial viability and feasibility [1][2]. - The total planned investment for the "Human Vaccine R&D Project" was 837 million yuan, fully funded by raised capital, focusing on multi-valent and innovative vaccines [1]. Group 2: Market Competition - The pentavalent rotavirus vaccine, previously a key focus, faces intense competition with the successful launch of the world's first hexavalent rotavirus vaccine by China National Pharmaceutical Group, leading to a reassessment of its commercial potential [2]. - The domestic rabies vaccine market has become increasingly competitive, with 23 marketed products and 19 in clinical development, impacting Chengda Biological's market share significantly [3]. Group 3: Financial Performance - Chengda Biological's revenue has declined over the past three years, with reported revenues of 1.815 billion yuan, 1.750 billion yuan, and 1.675 billion yuan, reflecting year-on-year decreases of 13.08%, 3.58%, and 4.22% respectively [3]. - For the first three quarters of 2025, the company reported revenues of 1.096 billion yuan, a year-on-year decline of 15.88%, and a net profit of 165 million yuan, down 50.01% [4].